Stewartville, Minnesota Property Taxes
The median property tax rate in Stewartville, MN is 0.80%, which is notably lower than both the national median of 0.99% and the Minnesota state median of 1.11%. With a median home value of $463,200 in Stewartville, the typical annual property tax bill amounts to $3,962, surpassing the national median of $2,690. Property taxes in Stewartville are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Stewartville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Stewartville or elsewhere in the city, a deep understanding of the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Stewartville, Minnesota Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.8%
Estimate Property Tax Bill
$3,706
Ownwell’s Stewartville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Stewartville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Stewartville to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Stewartville, Minnesota
Property taxes in Stewartville, Minnesota, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Stewartville is 0.80%, lower than the U.S. national median of 0.99%. Local government entities within Stewartville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Stewartville estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Stewartville's effective property tax rate to other counties in Minnesota and the national median. For comparison, the ZIP code 55976 has both the highest and lowest median property tax rate of 0.80%. Understanding how these cities compare with Stewartville provides valuable insights into the varying tax landscape across Mower County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Stewartville Tax Rate
0.80%
Average Mower County Tax Rate
1.19%
Average Minnesota Tax Rate
1.11%
Average United States Tax Rate
0.99%
Property Tax Rates Across Stewartville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55976 | 0.56% | 0.79% | 0.80% | 0.89% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Stewartville, Minnesota
In Stewartville, Minnesota, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Mower County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Stewartville, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest and lowest median tax bills in Stewartville are both $3,962, located in zip code 55976. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Stewartville, Minnesota
Source: Ownwell
$126,100
$294,650
$463,200
Average Stewartville Assessed Value
$463,200
Average Mower County Assessed Value
$155,900
Average Minnesota Assessed Value
$290,400
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Stewartville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55976 | $148,220 | $354,725 | $463,200 | $540,125 | $1,071,490 |
Source: Ownwell
Property Tax Bills Across Stewartville, Minnesota
In Stewartville, Mower County, MN, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the market value of the home, which is periodically evaluated by local assessors. Several factors influence the assessed value, including the property's location, size, condition, and market trends. For example, the median home price in Stewartville is $463,200. Homeowners in this area experience varying property tax bills, with the 25th percentile paying around $2,952 annually, while those in the 75th percentile pay approximately $4,634. At the 90th percentile, the tax bill can reach up to $5,092. These tax bills significantly impact homeowners by influencing their annual housing costs. Although the national median property tax rate is 0.99%, the specific rates and assessed values in Stewartville can lead to higher or lower tax obligations. Understanding these factors can help homeowners anticipate and plan for their property tax expenses.
Average Stewartville Tax Bill
$3,962
Average Mower County Tax Bill
$1,856
Average Minnesota Tax Bill
$3,182
Average United States Tax Bill
$2,690
Property Tax Bills Across Stewartville, Minnesota
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55976 | $2,058 | $2,952 | $3,962 | $4,634 | $5,092 |
Source: Ownwell